Practice Quiz

FINRA Series 6

Category - Series 6

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Jill worked as a registered representative with GoForBroke Broker-Dealers for 8 years. She is married to Jack, whose job made it necessary for them to relocate to Thailand for 3 years. They have now returned, and Jill would like to begin working as a registered representative with GoForBroke again after her 3-year hiatus. Given this scenario:
  1. Jill can begin working in her previous position with GoForBroke immediately, but GoForBroke will have to register her as one of its representatives with FINRA within 30 days of her hire date, and Jill will have to pay the applicable filing fees within that same period of time.
  2. Jill will have to retake the qualifying FINRA exams for her position, and after she has done so successfully, GoForBroke must register her with FINRA as one of its representatives.
  3. As long as GoForBroke maintained Jill as a registered representative for its firm during her hiatus, Jill can begin working in her previous position immediately. There is no need to file additional paperwork or pay any fees to FINRA.
  4. Both A and C are true statements.
Explanation
Answer: B - Given that she has been gone for 3 years, Jill will have to retake the qualifying FINRA exams required for her position, and after she has done so successfully, GoForBroke must register her with FINRA as one of its representatives. According to FINRA rules, GoForBroke is prohibited from maintaining Jill as a registered representative after she is no longer active in the securities business.
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